Property taxes represent a major source of revenue for states and the largest source of tax revenue for localities. In fiscal year 2018, the most recent data available, property taxes were such a significant source of local revenue that they accounted for 71.7 percent of local tax collections nationwide and 31.1 percent of total U.S. […]
Table of Contents Key Findings Twenty-six states and the District of Columbia had notable tax changes take effect. Arkansas and Iowa reduced their corporate income tax rates and made other substantive changes to their corporate income tax base. Arizona and New Mexico increased their top marginal individual income tax rates by adding another bracket. Arkansas […]
Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth tax is similar to a real property tax. But instead of only taxing real estate, it covers all wealth an individual owns. As today’s map shows, only three European countries covered levy a net wealth tax, […]
Today’s map shows states’ rankings on the property tax component of our 2021 State Business Tax Climate Index. The Index’s property tax component evaluates state and local taxes on real and personal property, net worth, and asset transfers. The property tax component accounts for 14.8 percent of each state’s overall Index score. Property taxes matter to businesses for several reasons. First, businesses […]
The Organisation for Co-operation and Economic Development (OECD) has compiled tax revenue data for countries around the world—including 30 African countries, where tax revenue as a percent of GDP is on average lower than in other regions. On average, this tax-to-GDP ratio for those 30 countries was 16.5 percent, compared to the OECD average of 34.3 percent and […]
Today’s map shows how European OECD countries rank on property taxes, continuing our series on the component rankings of our 2020 International Tax Competitiveness Index (ITCI). Although an important element when measuring the neutrality and competitiveness of a country’s tax code, property taxes account on average for less than 5 percent of total tax revenue […]
In Tuesday’s election, voters in two states—California and Colorado—were tasked with deciding whether to amend their states’ constitution to change how the property tax burden is distributed. In many ways, the ballot measures were mirror images of each other, but the outcomes were similar. California Proposition 15 sought to shift more of the property tax […]
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Note: Below is a brief excerpt from our new publication with the Centre for Policy Studies, A Framework for the Future: Reforming the UK Tax System, which is a comprehensive study of Britain’s tax system that identifies key areas for improvement in UK tax policy and provides recommendations that would support long-term growth without negatively impacting government revenues. To […]
Earlier this week we published our annual State Business Tax Climate Index, which measures tax structure. It’s an extremely valuable diagnostic tool, enabling readers to compare states’ tax structures across more than 120 variables. Unlike most studies of state taxes, it is focused on the how more than the how much, in recognition of the […]